Weekly Property News
12 August 2011

Dear Reader

On the lighter side this week - Chicago- Wilfredo Gonzalez was helping remodelling a home in Cicero, Illinois, when he allegedly stole a diamond ring the homeowner had left in her bathroom. When she realised the ring was missing, the homeowner had her husband confront Gonzalez. The repairman at first denied taking the ring, but when the confrontation turned into a struggle, prosecutors say he pulled the ring out of the place he had hidden it and swallowed it. Police were called and took Gonzalez to a hospital, where a stomach X-ray revealed the missing ring working its way down his gastrointestinal tract. The officers subsequently retrieved the missing ring.

They say good things come to those who wait. Is that the same for the property industry?

Headlines: Retrenchments are looming in the home loan departments of two of the four major banks.

Jan Kleynhans, the chief executive of First National Bank (FNB) Home Loans, confirmed that the bank was restructuring its sales department but stressed this was not a retrenchment programme across the business but a specific process to improve operating efficiencies in this part of its business.

Absa declined to give details, but Louis von Zeuner, the deputy group chief executive, said: “We have no mass retrenchment programme in place.”Instead Absa continued to focus on programmes that enhanced efficiencies and effectiveness by reducing duplication, he said.

Standard Bank’s Ntombela said the group continued to manage its costs but neither the group nor home loans was planning any retrenchments. Ntombela stressed that Standard Bank was committed to home loan business because it was a service customers needed.

Keith Hutchinson, the managing executive of Nedbank Retail Secured Lending, said Nedbank Home Loans viewed its staff as vital contributors to the bank’s overall success and remained focused on strengthening its relative competitive position.

Market news: The global recession may well have prompted even the super-rich to pare down lavish lifestyles. But there’s still plenty of appetite for luxury second homes in sun and snow belts across Europe, the Caribbean and Asia. Residential property - Foreign attraction

Trouble ahead National roads boss Nazir Alli passes seven toll gantries when he drives from his home in Marlboro, Johannesburg to his office east of Pretoria . Under the initial tariffs announced by the department of transport to pay for Gauteng’s toll roads, the SA National Roads Agency (Sanral) CEO would have paid R700/month on his daily commute. Even with the revised tariff regime, he will pay over R500/month. Exempting minibus taxis and buses from road tolls has done little to ease anger and frustrations about the new charges as show SA’s road construction costs are of the highest in the world.

The editor

In This Issue
Featured Property

Eastern Capem Port Elizabeth, Walmer Heights
- Bed: 5 | Bath:5
Beautiful home in Beau Monte Estate, Walmer Heights, Port Elizabeth, Eastern Cape

The architectural design emulates that of an old English barn conversion with a circular castle section.

CyberProp Property Count: 12/08/2011

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Properties for Sale: 144,770
Properties to Rent: 10,066

Local News

Residential property - Foreign attraction

The global recession may well have prompted even the super-rich to pare down lavish lifestyles. But there’s still plenty of appetite for luxury second homes in sun and snow belts across Europe, the Caribbean and Asia...

SA’s only office dominated property portfolio lists

Vunani Property Investment Fund (VPIF) (JSE:VPF) listed on the Johannesburg Stock Exchange (JSE) in a week where eight of the 11 initial public offerings due to take place on US markets were cancelled and one slashed its deal size in order to get the transaction done...

Is listed property correlated more with bonds or equities

Study reveals the correlation between real estate and bonds is greater than equities and real estate...

Banks to retrench home loan staff

Retrenchments are looming in the home loan departments of two of the four major banks...

Trouble ahead

National roads boss Nazir Alli passes seven toll gantries when he drives from his home in Marlboro, Johannesburg to his office east of Pretoria...

Market isn’t buying this story

Property analysts are not buying the reasons why Old Mutual Property decided to scrap the eagerly awaited listing of its R12bn Triangle Real Estate Core Fund...

Why your home isn't selling

Adrian Goslett, CEO of RE/MAX of Southern Africa, talks about the most common reasons that keep a home on the market for longer and how sellers can change that...

Protection of property

In certain parts of South Africa housebreaking, sometimes involving violence and attacks on the householder, has become almost a daily occurrence. In Cape Town's Hout Bay, for example, the latest figures from SAPS indicate that one third of the about 7000 middle class homes in the valley were involved in some form of a criminal intrusion during the last 12 months...

'Love his house as you would love your own'

The definition of a tenant clearly indicates that the person who resides within a specific property, is not the legal owner of such property. However, a tenant is responsible and should fulfil many of the same duties that any proud home-owner would respectfully pay to their beloved investment...

Architects sue Tshwane council for R44m

In an aftermath to project Phoenix - a competition run by the former Pretoria City Council for the design of new council headquarters after Munitoria burnt down - the architect firm which won the competition is claiming R44 million in damages from the Tshwane Metro Council...

Sectional title project loans increasingly popular

The perception held by many bodies corporate and Home Owners Associations that assistance companies like Propell are there to assist only schemes in financial problems is unfounded, says Catherine Cockcroft, Sales Manager of Propell...

Lack of knowledge and misunderstandings about sectional title levy collection

Propell, the sectional title levy funding and collection company, that has been in existence for 11 years now and operates countrywide and has regularly explained and clarified the services it can provide to the sectional title sector...

Conduct rules

Once the trustees of a sectional title scheme have amended their conduct rules and lodged these with the Deeds Office the new rules (which must be reasonable and apply equally to all owners as specified by the Sectional Title Act) will then become enforceable on owners in the scheme...

Terminating a managing agent's contract

In a hypothetical scheme, some owners are unhappy with the quality of services provided by the managing agent. These owners want the managing agent removed and a different one appointed...

Focus On

Port Elizabeth, Eastern Cape, South Africa

A superb holiday mecca, the city offers an unbeatable and diverse mix of eco-attractions as a family and adventure holiday destination: scenic nature trails and magnificent wildlife experiences, 10 long, golden beaches, historic heritage and a unique coastal climate - rated fourth best weather in the world!

>> Properties in Port Elizabeth
>> Properties in the Eastern Cape

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1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
9. Mpumalanga
10. Limpopo

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In the Area

The areas we are going to take a closer look at this week are;

  • Southern Cape villages
  • Cape Town
  • Mandela Bay
In the area 1 - Southern Cape villages

The Chas Everitt International property group now has a presence in all the picturesque towns and villages along the Southern Cape coast from Mossel Bay to Glentana, thanks to the relocation of high-profile estate agent Annatjie Janse van Rensburg...

In the area 2 - Cape Town

Calls for serviced land close to city to house poor

Shack dwellers and housing NGOs have dismissed sentiments expressed by Human Settlement MEC Bonginkosi Madikizela that affordable housing would provide a lasting solution for the province's housing needs...

In the area 3 - Mandela Bay

Young buyers set off Mandela Bay property mini-boom

FIRST-TIME buyers have bolstered the recovery of Nelson Mandela Bay’s property market in recent months, estate agents and analysts say...

To the editor

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Local news continue

Sole mandates better in today's market conditions

Conditions in the Cape residential property market have, says Anton du Plessis, CEO of Vineyard Estates, caused him to revise his attitude to sole mandates...

Property owners - Do not neglect to draw up a will

The consequences of avoiding this could be dire.

All people, but especially property owners, should realise that if they do not draw up a will, the time taken to wind up their estate when they die may well be lengthened significantly and considerable extra costs could be incurred by their heirs, says Grant Gunston, of Gunstons Attorneys...

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